ALT at Risk of Testing Support Soon if Bulls Don’t Step in Soon
The AltLayer price broke below the middle level of a medium-term positive price channel and may be at risk of retesting the immediate support at $0.38095 in the next 24 hours. Continued sell pressure may then force the altcoin below the price channel, which will expose ALT to the risk of falling to $0.35675 in the following few days. In an extremely bearish scenario, the AltLayer price may drop to as low as $0.33965 in the short term.
This bearish thesis may be invalidated if ALT rebounds from the $0.38095 support level in the next 24 hours. In this alternative scenario, the AltLayer price may attempt a challenge at the $0.42065 resistance level.
Technicals Suggest ALT Could Drop More
Technicals indicators on ALT’s 4-hour chart suggest the AltLayer price may drop in the next 48 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators are flagging bearish.
The MACD line is dropping towards the MACD Signal line. This may be an early indication of ALT’s bullish trend coming to an end. In addition to this, the RSI is looking to cross below its Simple Moving Average (SMA) line. An intersection between these two lines could be a sign that sellers have gained the upper hand against buyers. As a result, it may be easier for bears to pull the AltLayer price down in the next 24 hours than it will be for bulls to boost it higher during this same period.
This bearish thesis may be invalidated if ALT rebounds from the $0.38095 support level in the next 24 hours. In this alternative scenario, the AltLayer price may attempt a challenge at the $0.42065 resistance level.
Technicals Suggest ALT Could Drop More
Technicals indicators on ALT’s 4-hour chart suggest the AltLayer price may drop in the next 48 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators are flagging bearish.
The MACD line is dropping towards the MACD Signal line. This may be an early indication of ALT’s bullish trend coming to an end. In addition to this, the RSI is looking to cross below its Simple Moving Average (SMA) line. An intersection between these two lines could be a sign that sellers have gained the upper hand against buyers. As a result, it may be easier for bears to pull the AltLayer price down in the next 24 hours than it will be for bulls to boost it higher during this same period.